The first session saw the index up 0.5%. However, the market is still struggling to cross the 57,000 level which continues to pose a strong level of resistence, despite the phenomenal GDP numbers that came in yesterday. Turkcell (NYSE:TKC), is the top performing large cap, up 3.4%, following the news that the extraordinary general meeting will be held on the 12th. The market is closely watching the deadlock between the foreign shareholders (Telenor) and the local holding company (Cukurova) on the shareholder dispute on ownership issues.

This morning saw the industrial turnover and new order indices numbers come out, showing a decline of 2.8% vs the 4.8% growth in prior period. Orders also contracted m-o-m by 5.6%.

Construction sector, seen as the dynamo of the economy, saw increases across the board. Employment in the sector increased by 4.6% while wages increased by 14.9% year over year.

JPM was on the wire saying that Turkish stocks were not as cheap as perceived. They recommmend banking sector stocks (TKGBY.PK, THBIF.PK, TKYVY.PK) , which make up nearly 50% of the national index

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